SNEAK PEEK
- The maintenance and update of Huobi Cloud Wallet will terminate on February 13 followed by NFT services discontinuation on May 13
- Users of the Cloud Wallet or those who have assets in it are urged to transfer their assets to their Huobi account or other on-chain addresses.
- Demos and tutorials are provided for new users to make the migration easy.
Huobi, a cryptocurrency exchange, has announced discontinuing its NFT services in May this year. The reasons behind the decision have been stated as strategic and product adjustments to the Huobi Cloud Wallet.
According to the announcement, the multitoken wallet service’s maintenance and upgrades will officially end on February 13. Users who are using the cloud wallet must transfer their NFTs and cryptocurrency to their key Huobi accounts or other wallet addresses.
The withdrawal and transfer functions of Huobi Cloud Wallet will remain functional for the next three months. Users are warned not to transfer digital assets to their cloud wallet. The deactivation date of Huobi Cloud Wallet is May 13, 2023.
In May 2022, Huobi Wallet was rebranded to iToken after Huobi Group’s $200 million investment. In October 2021, the Huobi Cloud Wallet was released as a feature of Huobi Wallet to enable users to handle digital assets without the need for private keys.
The custodial wallet service’s supply had the goal of offering easy access to DeFi apps and services. With Huobi Cloud Wallet, users were enabled to own tokens without handling private keys with a third-party management system, thereby putting their private keys in escrow.
Users of Huobi Global were authorized to enjoy smooth coordination with the cloud wallet service and token transfers between the platforms in order to access multiple decentralized finance projects.
In January 2023, Huobi delisted 33 different tokens on the grounds that they violated many prerequisites with the aim of maintaining their listing. Moreover, in the beginning of the year, the exchange shared its plans to cut down 20% of its staff owing to its restructuring after Justin Sun acquired the firm.
